APA Center for Organizational Excellence: Abstract Detail: Employee financial stress can be costly for companies

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Title

Employee financial stress can be costly for companies

Available Online http://www.cpapracticeadvisor.com/news/12327384...
Publication Date April 20, 2017
Author CPA Practice Advisor
Source CPA Practice Advisor
Source Type Online News Article
Summary

This article focuses on the potential costs associated with financial stress. The results of a recent survey suggest that some of the top obstacles for employees include financial stress, debt, and retirement plans. The article suggests that aging millennial employees are starting to face issues related to taking care of parents, debt, and general financial decisions. Survey results also suggest that 33% of employees report being distracted from work by financial concerns, which tends to decrease productivity and cost organizations in lost time. In addition, employees are finding it increasingly more difficult to cover their monthly living expenses and, as a result, are accumulating credit card debt and dipping into retirement funds. Lastly, the concept of retirement is becoming more of a fluid state rather than a set age, and fewer employees believe they will reap the benefits of social security.

Keywords Financial stress, debt, retirement, productivity, social security, expenses
Reference

CPA Practice Advisor. (2017, April 20). Employee financial stress can be costly for companies. CPA Practice Advisor [Online]. Retrieved April 30, 2017, from http://www.gallup.com

"This is not pie in the sky; this is about the bottom line. Building psychologically healthy workplaces isn't just the right thing to do, it's also the smart thing to do."

The Honorable Alexis M. Herman
Former U.S. Secretary of Labor